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VAT Revenue Drops on Popular Greek Islands

kefaloniaValue added tax revenues dropped by 40 percent on the most popular tourist islands in the first five months of the year, according to figures by Greece’s General Secretariat for Public Revenue.
Mykonos, Santorini, Paros, Corfu, Zakynthos and Cephalonia showed the dramatic decrease in VAT revenue even before the new VAT hike on June 1. Analysts say that the drop will continue during the busy holiday season, while finance ministry officials attribute VAT evasion to the inadequate tax monitoring mechanisms.
Overall, analysts say, businesses take the risk to not issue receipts after the steep fines for not issuing receipts have been abolished. At the same time, consumers prefer to pay less for products and services by forfeiting the issuing of a receipt.

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